7 Life Hacks For Retirement

Robert Laura
, ContributorOpinions expressed by Forbes Contributors are their own.

In case you’re unfamiliar with a life hack, it’s best defined as a trick, shortcut, or skill that solves a problem in a clever or not-so obvious way. Here are seven life hacks that current and future retirees can use to make retirement more fun, interesting and less expensive.

Ditch ABC’s for Low Cost ETF’s

One of the best ways to make money in the stock market is to save money. Mutual funds that contain the letters A, B, or C at the end, typically include a sales charge when purchased which means less of your money is working for you… not to mention they may also carry much higher annual expenses than similar investment options. Widely traded Exchange Traded Funds (ETF’s) not only cost dramatically less, they also can be traded during the day instead of at the end of the day, and trade commissions at some online brokerages can cost half as much.

Fund A Roth For Healthcare Costs

One of the biggest challenges facing those who retire before Medicare eligibility at age 65 is finding and paying for health care coverage. By saving in a Roth IRA, retirees can bridge the price gap with tax free withdrawals and by doing so, reduce potential tax concerns on Social Security payments or other income sources.

Ditch The Vacation Home For A Rental

When I first started in the business it wasn’t uncommon for clients to either desire or already own a second home. Living in the Midwest leads many new and existing retirees to desire a warmer climate 3-4 months out of the year. However, owning a second home carriers significant expenses and upkeep… not to mention the occasional call about a tree down, break-in, or other problem. Shed the costs, stress, and responsibility by renting someone else's place for a few months instead of paying for it all year round. It can not only save you thousands of dollars each year, but you can also keep things interesting by allowing you to alter your location every few years.

Set Investment Alerts On A Travel Site

Many investors have learned the benefits of setting price alerts for stocks they own or are considering buying. A similar option is available at many travel sites including Kayak.com. Investors can simply set air and hotel price alerts for various places they are interested in visiting in order to maximize savings while crossing off important places they want to see and experience.

Celebrate Holidays Early

Blended families are changing the holiday landscape. Trying to keep everyone happy with equal visitation is nearly impossible. Therefore avoid the stress and headache by having family events a week or two early and you’ll not only double but even triple the amount of quality time you have with the grand kids and family. It can also be a big money saver since turkey prices seem to climb near thanksgiving, candy costs more near Easter and Halloween, and late shoppers always pay a premium during the Christmas rush.

Stay Connected

Retirement can bring with it fewer personal interactions and without the right tools a sense of being out of the loop and isolated. So stop fighting the social media trend. When was the last time you received a physical party invitation, engagement or birth announcement, let alone break-up or divorce call? Reality is, invitations, announcement, and relationship status have all moved to social media. Therefore, if you don’t want to be out of the loop and last person to know and see everything, open a Facebook and LinkedIn account to stay connected with family and friends, as well as professional colleagues and industry trends. Most community colleges and adult education programs offer free or low cost classes to teach newbies how to set-up and manage these and other accounts. Skip the class and registration fee by simply asking a niece, nephew, or grand child for directions or head over to YouTube for simple and easy to follow instructions.

Create A No-Regrets Retirement Plan

In my book Naked Retirement I preach that the fear of running out of money in retirement pales in comparison to running out of family, friends, and good health. Traditional retirement planning assumes people will have 20-30 years to do whatever they want, but we all know that’s not always the case. Therefore, create a no-regrets retirement plan by assuming you were just told you only have 24 hrs to live. Instead of focusing on what you would do with your remaining time, make a list of the things you would regret not seeing, doing, and experiencing. I think you’ll be surprised to learn your list will include many things that only require your time and interest instead of money.

P.S. Do you have another interesting or helpful life hack for retirement? Let me and others readers know about it by leaving a comment below… and thanks for following me at Forbes.com and on Twitter @robertlaura